Chinese textile major Shandong Ruyi has bought a controlling stake in Hong Kong menswear group Trinity, the owner of bespoke suit maker Gieves & Hawkes.

In a filing to the Hong Kong Stock Exchange, Trinity said Shandong Ruyi International Fashion Industry Investment Holding Co Ltd has agreed to buy shares representing 51.38% of its enlarged share capital for HK$2.22bn (US$284.62m). The funds from the deal will be used for future acquisitions and to repay debt.

Trinity has developed one of the largest menswear retail networks in Greater China. The retailer of high-end brands including Cerruti 1881 and Kent & Curwen has agreed to buy 1.85bn new shares at HK$1.20 each, representing a 60% premium over the stock’s previous closing price.

The move will see Fung Retailing Ltd remain a substantial shareholder in Trinity with a 19.79% stake, from 40.95% previously.

In its filing, Trinity said Shandong intends to continue the existing business of the group and does not intend to introduce any major changes to the existing operation or dispose of any assets, other than in the ordinary course of business.

Shandong Ruyi operates 13 domestic industrial parks and boasts some of the largest production lines and advanced technology in China. It operates over 3,000 points of sale and already controls French fashion retailer SMCP and British trench coat maker Aquascutum.

Last month, it entered into an agreement with US-based fibre producer Invista to buy its Apparel and Advanced Textiles business (A&AT) – including its Lycra brand.

Invista to sell apparel fibre business to Shandong Ruyi